CBX Daily 4/18/2024

Author

Jennifer Matthews
April 18, 2024

Today two countries flourish in the rise of cocoa prices as a sweet gain, but let’s start with how Black-led ventures are straining as financial support goes down the drain…

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Black-Led Startups Struggle As Venture Funding Dips Below $1 Billion

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In venture funding, where opportunities often seem boundless and innovation reigns supreme, the reality for Black entrepreneurs often tells a starkly different story. Recent data reveals a troubling trend: venture funding for Black-founded startups has plummeted below the $1 billion mark for the first time since 2016. This staggering decline, amidst an already challenging economic landscape, raises critical questions about equity, access, and the future of entrepreneurship for communities of color.

Cocoa's Surge In Prices Spur Ivory Coast And Ghana's Economy

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Cocoa serves as a crucial pillar for the economies of Ivory Coast and Ghana, recently hitting prices of $10,000 per metric ton for the first time ever. The countries cocoa account for around 15% and 2-3% of their GDPs respectively, Fluctuating international cocoa prices pose a significant opportunity, impacting the livelihoods of countless individuals dependent on cocoa farming. 

Deciphering The $300 Billion ESG Investment On Corporate Diversity

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Environmental, Social, and Governance (ESG) investing, once the darling of Wall Street, is witnessing a remarkable slowdown. Assets under management in ESG funds declined from $339 billion in the second quarter to $315 billion by the end of last year. This shift has far-reaching implications, particularly concerning the progression of diversity and inclusion within the corporate sphere.

Here's Why Tax Season Remains A Sunken Place For African Americans

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It's tax day folks and the process of preparing them can be difficult if not arduous, especially for more than 14 million taxpayers who ​​paid for tax prep software that they could have gotten for free. The Treasury Inspector General for Tax Administration found roughly a billion dollars in revenue for TurboTax maker Intuit, H&R Block and other tax software companies, according to ProPublica. Over 40% of Black Americans make less than $40,000 per year, putting them at an income disadvantage if taxes are not filed correctly, as tax policy adds insult to injury by magnifying the financial toll, and keeping Black people in a sunken tax place.

Why Are Americans Making $100,000 Living Paycheck To Paycheck?

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Many believe earning a six-figure income means that you have arrived and are at the epitome of success. However, as of December 2022, 51% of Americans with $100,000 or more in annual income said they lived paycheck to paycheck, according to the LendingClub and Pymnts.com survey. Although many factors may contribute to this, the effects of inflation are burning holes into the pockets of too many Americans, causing them to live on an earn-and-spend treadmill.  

Vibes of the Week

No longer in the “Billionaire” club as funding for Black-led ventures dips. Travie McCoy and Bruno Mars with some insights in our CBX Vibes!